STRUKTUR KEPEMILIKAN, GOOD CORPORATE GOVERNANCE, INVESTASI DAN NILAI PERUSAHAAN: SUATU PENGUJIAN SISTEM PERSAMAAN SIMULTAN

Rano, Rano and Midiastuty, Pratana Puspa (2014) STRUKTUR KEPEMILIKAN, GOOD CORPORATE GOVERNANCE, INVESTASI DAN NILAI PERUSAHAAN: SUATU PENGUJIAN SISTEM PERSAMAAN SIMULTAN. Jurnal Akuntansi, 1 (1). pp. 40-66. ISSN 2303-0356

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Abstract

The aim in this research are to prove empirical analysis influences of good corporate governance and ownership structure to firm value dan firm investment. Good corporate governance used in this research are audit committe and independent commissioner, ownership structure consist of managerial and foreign institutional ownership. Sample used are non finance corporate in Jakarat stock exchange and with the purposive sampling method observation total are 32 firms and 96 observations. Empirical analysis with two-stage least square found that audit committe and independent of commissioner can increase firm value but independent of commissioner can’t maintain their independency especially within monitoring and investment policy. Increasing managerial ownership just to decline firm value and than to increase entrenchment opportunity. Foreign intitutional investor can not increase firm invesment and also f i r m ’ s value as expected. Foreign institutional investor decide to invest just for the firm which have good oppurtunities in long term and short term, or in other words foreign intitutional ownership is determined by firm value and investment. The result of this research indicated that firm value and investment policy are jointly determined. On other side investment is determined by manajerial ownership.

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